The answers can be found in the red and yellow bars above, representing Federal government spending and state and local government spending. Federal spending rose by $700 billion, and state and local government spending rose by $300 billion. (With the state and local spending being funded by Federal government transfers that [...]
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Recently, we have been talking about the impending tsunami of unfunded pension liabilities across the country (some $3 Trillion) as states, cities and municipalities come face to face with the debt that has been created by very generous pension plans for government workers.
Last Thursday, Illinois Governor Pat Quinn signed the bi-partisan pension reform bill into [...]
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